News

What could be the impact of a Grexit?

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Even if the Greek people did not vote against the Eurozone, they are clearly against additional austerity measures. Following this unexpected result, the capacity for the Greek government and its creditors to reach a deal in the coming days appears limited. While the timing is short and dissensions between European… Read More »


Greek Referendum: Consequences on financial markets

Philippe Ithurbide -

Greeks have decided to give their support to the Government and give the capacity to negotiate a better deal with the creditors With a percentage of voters at more than 61%, the “No” vote finally won. This paper is aimed at presenting the new stakes, the different scenarios and the… Read More »


Greece: Sunday’s referendum and the markets

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The outcome of Sunday’s Greek referendum is uncertain. Regardless of the outcome, Greece will continue to face substantial economic dislocation in the shorter term. But, equally, our base case is that Greece will ultimately remain in the Euro area even in the event of a ‘No’ vote Referendum’s impact on… Read More »


US rate hike the lesser of two evils

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While most investors reckon that the US Federal Reserve will hold off on an interest rate hike until December 2015, François Savary, Chief Strategist of Reyl & Cie, still thinks it likely that the Fed could make a move in September. The US rate increase question is important in several regards.… Read More »


Market analylsis by Edmond de Rothschild

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In spite of uncertainties in Greece, there are no dead ends for markets The deteriorating situation in Greece since a referendum was suddenly announced has aggravated equity and bond market volatility.Without a last minute agreement, Greece will almost certainly be unable to meet upcoming debt repayments but the risk of… Read More »


Greece in Crisis: Frequently Asked Questions

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The Greek sovereign debt crisis has deepened since last weekend. Standard & Poor’s addresses some of the mostfrequently asked questions on the subject Frequently Asked QuestionsYesterday you lowered the rating on Greece again, this time to ‘CCC-‘ with a negative outlook. Why?We interpret Greece’s decision to hold a referendum on official… Read More »


Grexit risks extend much beyond Europe

Jeanne Asseraf-Bitton -

For the last few days, Greece takes the central stage for global financial markets, almost eclipsing the latest FOMC meeting. Deadlocks in negotiations affect major markets while signs of progress trigger substantial gains Are investors over-reacting? Probably not. We believe that Grexit risks extend much beyond Europe: systemic risks as… Read More »


Greece on its way for a third bailout

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Long term issues not solved but, for now, risk-on is justified A radical political changeGreek PM Tsipras has seemingly bitten the austerity bullet in order to demonstrate his political commitment to keeping his country in the euro area, when facing his peers on Monday night (22 June). Until then, there… Read More »


No deal between Greece and its creditors

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The country looks set to default on its payment of 1.6 billion euros to the International Monetary Fund In a surprise move, Greek Prime Minister Alexis Tsipras announced late on Friday night that a referendum would be held next Sunday 5 July on whether the proposals from the creditors (as… Read More »


Ministerial statement on 27 June 2015

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Ministers from eighteen euro area Member States and the institutions held an informal meeting to discuss the forthcoming expiration of the current EFSF financial arrangement with Greece, after the break-up of the negotiations with the Greek authorities. The strengthening of EMU has been instrumental in helping the euro area to… Read More »